The Federal Tax Credits Blog

Posts Tagged ‘buying’

Question: How do I get the 1st time home buyer tax credit now, if I have already filed 2008 return?

I recently purchased a home and do qualify for the $8000 tax credit, but I filed my taxed in January and purchased the home in march. I would like to be able to have this 8000 now so I can do some repairs and furnish my home. I have heard there is now a way for you to get it this year even if you have already filed your taxes? I would really love any information you have? If you know of any links to the forms I need please post!

Answer: You would have to amend, paper file an amendment form (1040X), this form is available on the IRS website (http://www.irs.gov/taxtopics/tc308.html), First time home buyer credit form(http://www.irs.gov/pub/irs-pdf/f5405.pdf)
you would have fill this form and mail it in since the IRS does not accept this form through e-file.

I did my taxes for free with this website called UncleTax.com, and I can asking any questions such as this one since I completed my taxes w/ them.

Good Luck

8000 Video ColumbusRealtors Com

Question: Do you think the $8000 home buying tax credit will be extended again?

Answer: I hope not!!! i don’t think so either!

the market needs to hit bottom! therefore we will know what true value is.

Clear Capital(R) Home Data Index First to Identify Home Price Double Dip in the West

Prices in the West Region Through March Reach Lows Not Experienced Since 2001; Across the Rest of the U.S., Negative Sentiment “Overstated,” as Prices in the South and Midwest Flat in 2011

$8000 First Time Home Buyer Tax Credit

Question: $6500 homeowners tax credit?

Did the existing homeowners tax credit ever make it through congress?
I scanned the 1040 instructions and it looks like the same bait and switch BS as usual, and I as a 4 year owner won’t be eligable for Jack.

Answer: right you are only 5 year homeowners??? are eligible….so stupid.

Question: A.Prepare a journal summarizing the payment of sara’s total salary during the year?Please answer all questions

Sara earns a salary of 8000 per month during the year.FICA taxes are 8% on the first 75000 of gross earnings.Federal unemployment insurance taxes are 6.2% of the first 7000; however, a credit is allowed equal to thestate unemplyment insurance taxes of 5.4% on the 7000.During the year, 24000 was withheld for fedral income taxes and 5300 was withheld for state income taxes. I’m sorry this is the correct question

A. Prepare a journal summarizing the payment of sara’s total salary during the year?
b.Prepare a journal summarizing the employer payroll tax expense on sara’s salary for the year?
c. determine the cost of employing sara’s for the year ?

Answer: Be careful babbles, I got in trouble for giving a similar response.

a. 96000
b. dr payroll
cr. cash
c. 103000

There are my answers. Not sure if they are correct or not.

Best investment options? Read this!

In an hour-long chat on rediff.com, financial planning expert Sailesh Multani offered some valuable investment tips.

Tax Return For Down Payment On A New Home

Question: $8,000 first time homebuyer credit?

My situation:

I am engaged and won’t be married until 2010. I own a home which I purchased in February 2006, and have lived in the entire time I’ve owned it (a 2 family home that I rent out the other half to, if that matters). My fiancee has never owned a home. In order to qualify for the purchase price we would be looking for, we would both need to be approved for the loan/purchase.

My Question:

If we purchased the home together, what we would qualify for in terms of this tax credit? Would I qualify for nothing, and she qualify for the full 8k? Would she only qualify for 4k? Or would neither of us qualify based on my owning a home?

Answer: Because you have owned a primary residence in the past three years, if you both buy the house, you will not qualify for the tax credit.

EXTEND AND PRETEND: The Obama Administration’s Failed Foreclosure Program

President Barack Obama’s signature plan to combat the housing crisis has fallen short of its goals — rather than significantly and permanently reducing home foreclosures, it is only delaying them.

First-Time Homebuyer Tax Credit